Republicans’ fiscal theories drown in red ink even as they cling in desperation to Laffer Curve as their life preserver

When I was a student at Louisiana Tech, I worked part time as a disc jockey at KRUS radio station in Ruston. Occasionally, I would have a “Golden Oldies Show,” during which I played only old rock & roll records.

I saw a story in the Washington Post recently that conjured up memories of old news stories and at the same time made me wonder if the Republicans in Congress were paying attention all those years.

The story, headlined, “GOP abandons any pretense of fiscal responsibility,” noted that the Republican Party has essentially abandoned its platform of fiscal restraint, “pivoting sharply in a way that could add trillions of dollars in federal debt over the next decade.”

The Trump-led (and that’s a very loose term) Republican tax reform would cut taxes for the very rich and place the burden on the rest of us.

In 1970, the bottom 50 percent of U.S. wage earners averaged $16,000 a year in today’s dollars. In 2014, that figure had skyrocketed to $16,200.

The top 1 percent, meanwhile, saw their average income increase from an average of $400,000 a year to $1.3 million during the same time period, hardly enough to keep the lawn watered in the Hamptons.

Some might dismiss these sources as typical liberal media, but the conservative U.S. News & World Report seems to agree with their assessments.

More than two years ago, on May 20, 2015, the magazine ran a story headed simply as THE PARTY of RED INK.

That story did cite the $1.2 billion budget deficit that Democratic Gov. Martin O’Mally left for his Republican successor, but for the rest of its story, USN&WR hammered one Republican state governor after another. Those included our own wunderkind Bobby Jindal (a $1.6 billon deficit), Chris Christie (a staggering $7.35 billion structural budget deficit), Scott Walker of Wisconsin ($2.2 billion deficit), and Sam Brownback of Kansas ($1 billion shortfall).

Their collective answer to these budgetary nightmares? Cut taxes.

But along with tax cuts go cuts to services.

Back when I was a student at Tech—and given, that’s been a long time; Terry Bradshaw was emerging as a top draft pick back then—my tuition was $99. Today, my grandson, a computer engineering student at Tech, is forking over $9,000 per quarter to stay enrolled.

In Louisiana, cuts to higher education, public education, referral services to the mentally ill, services to children with disabilities, foster child services, and other cuts have had devastating results. Yet, the Republicans go merrily along with their vision of fiscal reform.

But a March 26, 2015, story was even more revealing. That story, admittedly by a partisan Democrat writer, nevertheless cited a report by an outfit called WalletHub, a commercial personal financial web site that rated all 50 states on their dependence on federal dollars to prop up their respective economies.

The REPORT basically said that red states, America’s stalwarts of fiscal responsibility, suck more money out of the federal treasury than any others and that some of the poorest states, of which Louisiana is certainly one, depend on federal funding for 30 to 42 percent of their total revenue.

Yet, who screams the loudest to get the federal government out of our lives? Well, that would be the Republicans, who control both Louisiana and Mississippi.

And yet, there they go again, to paraphrase Mr. Reagan. The Republicans in Congress are pushing that same agenda of tax cuts for the rich, cuts to services, increased military spending, heavier tax burdens on the middle class, and economic stagnation for what now, something like the 35th straight year?

And yes, I am keenly aware that some of those years included the administrations of Clinton and Obama and that some of those years Democrats controlled Congress. But that only goes to prove my oft-repeated point that there is little difference in the two parties when Wall Street, big oil, big Pharma, the NRA, and defense contractors exert such a heavy influence on the national agenda.

But with the Republicans, it’s not so much a political philosophy as it is an obsession, a mindset.

They adhere to the Laffer Curve at all costs. That’s the theory advanced by one Arthur Laffer, who says that tax cuts pay for themselves by stimulating economic growth.

Anyone seen any economic growth around these parts in the last couple of decades or so? Anyone? Bueller? Anyone?

The Laffer Curve might be appropriately named were it not such a cruel joke.

3 Responses

“It’s a great talking point when you have an administration that’s Democrat-led,” said Representative Mark Walker, Republican of North Carolina and the chairman of the Republican Study Committee, a group of about 150 conservative House members. “It’s a little different now that Republicans have both houses and the administration.”

Republicans are hypocrites, plain and simple. They are only fiscally conservative when Democrats are in power. They lost their minds over presidential executive orders when it was President Obama, but are applauding – right this minute – trump’s executive order scuttling the Affordable Care Act (Obamacare). Repubs hate hate hate providing services and cash assistance to the least among us (while pretending to be Christian) while scooping up boatloads of public funds in corporate welfare subsidization of private enterprise. They are strict constructionists to the Constitution except when they want to force their beliefs and desires on everyone, especially when it comes to First Amendment issues.

Now their pathetic standard bearer wants to destroy the free press guaranteed in the First Amendment and revered by the Founding Fathers (and would have been revered by our Founding Mothers, had any been actually recognized, but that’s another issue) by revoking the licenses of news organizations that don’t kiss his ass.

When we attended a Garret Graves town hall meeting not long ago, I was seated next to a gentleman who was shocked speechless when he found out I’m a Democrat. When I asked why he was so surprised he blurted out, “because you look so normal.” And that ingrained insanity, Y’all, is what we are up against.

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